Nebius (NBIS) reported Q2 revenue of $582.3 million, a 454.04% year-over-year increase, surpassing market expectations. As of the end of Q2, the company's total contract backlog was approximately $40 billion, with $37.49 billion in signed multi-year revenue. Microsoft has signed an $18 billion agreement with Nebius, and NVIDIA has invested $2 billion in the company. Nebius CEO Arkady Volozh stated that the company can currently sell its entire 2027 production capacity, and recent capacity auction prices were 15% higher than the historical peak price for Blackwell chips.